King Pharmaceuticals to Merge with Mylan Labs  

From Staff Reports

  BRISTOL -- Representatives of King Pharmaceuticals announced Monday morning a $4 billion merger with Mylan Laboratories, headquartered in Cannonsburg, Pennsylvania.
  According to a news release from King Pharmaceuticals, the decision reflects Mylan's commitment to build a stronger franchise and King's commitment to build a successful specialty pharmaceuticals business, most notably with its product, Altace.
  No decision has been made about the name of the company or the impact on jobs. Employees have been told it will be "business as usual" while the details of the merger are worked out.
  The company estimates the deal to close by the end of this year. Employees have been told the decision, "is about growth, not cutting expenses." King's news release said, "this transaction creates more opportunities for both Mylan's and King's employees." But King also said, "we recognize that the prospect of even modest reductions in employment can create uncertainty," so the news release promises to keep employees informed.
  The news release only will confirm that Mylan will remain the parent company with its headquarters in Cannonsburg, Pennsylvania. Robert J. Coury will remain the CEO and Vice Chairman of the Board of the holding company.